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PATRIZIA AG
Earnings Release • Feb 14, 2017
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Earnings Release
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Corporate | 14 February 2017 17:45
PATRIZIA Immobilien AG: PATRIZIA releases preliminary results and exceeds its earnings forecast
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Preliminary Results/Final Results
14.02.2017 / 17:45
The issuer is solely responsible for the content of this announcement.
Strong business performance in fourth quarter 2016
PATRIZIA releases preliminary results and exceeds its earnings forecast
– Total operating income expected at EUR 283 m vs forecast of at least EUR 265 m
– Assets under Management up EUR 2.0 bn to EUR 18.6 bn at year end 2016
– Total transaction volume of EUR 7.2 bn in 2016
– EUR 2.2 bn investment capital raised from investors globally
Augsburg, 14 February 2017 . PATRIZIA Immobilien AG is pleased to announce that the company continued its successful growth in 2016 as a leading property investment manager in Europe. The company has exceeded its profit forecast for the 2016 financial year significantly following a strong performance in the fourth quarter. The three months until 31 December 2016 were characterised by increased transaction volumes and the realisation of higher performance fees from the successful management of real estate investments.
Following a total operating income of EUR 155 million for the 2015 financial year, the total operating income for 2016 is expected to rise to EUR 283 million, exceeding the most recent forecast of at least EUR 265 million. The past two financial years were also characterised by highly profitable transactions, with the sale of the Harald portfolio in 2016 and Südewo in 2015. Excluding the contribution of these transactions to PATRIZIA’s results, a total recurring operating income of EUR 73 million is expected for 2016 – an increase of almost 70 per cent from EUR 43 million in 2015. A major contributor to the strong results was the increase in fee income for the management of property assets for PATRIZIA investors. Total management fees increased by 14 per cent to
EUR 189 million in 2016 from EUR 165 million in 2015 (excluding performance fees for Südewo exit). “The size and quality of PATRIZIA’s results in recent years confirms the successful implementation of the European strategy and the scalability of the operational platform,” says Karim Bohn, Chief Financial Officer of PATRIZIA Immobilien AG.
In 2016, PATRIZIA was able to realise and close real estate transactions totalling EUR 5.1 billion. Across Europe, residential and commercial real estate worth more than EUR 3.2 billion was acquired for the various investment vehicles managed by PATRIZIA, while the sale of properties generated EUR 1.9 billion. Assets under management increased from EUR 16.6 billion as of
31 December 2015 to EUR 18.6 billion by year end 2016. In addition, transactions of
EUR 2.1 billion were signed in 2016, of which EUR 1.7 billion of acquisitions and EUR 0.4 billion of sales, the majority of which are expected to close in 2017.
In total, EUR 2.2 billion of funds were raised globally from investors in 2016 – significantly more than the EUR 1.5 billion in 2015. Around EUR 0.4 billion was raised from institutional investors outside Europe, particularly Asia. “This achievement demonstrates that PATRIZIA is today perceived as one of the leading investment managers in Europe and first choice for European investments, including for global investors,” says Bohn. Today, more than 200 institutional investors invest in real estate with or through PATRIZIA, with the number of international investors significantly increasing year on year.
Further details on PATRIZIA’s earnings will be announced when the annual report is published on 14 March 2017.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As one of the leading real estate investment companies in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth over EUR 18 billion, primarily as a portfolio manager and co-investor for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag .
PATRIZIA Immobilien AG
The Managing Board
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations
Michael Tegeder
T +49 821 50910-401
14.02.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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| Language: | English |
| Company: | PATRIZIA Immobilien AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 – 509 10-000 |
| Fax: | +49 (0)821 – 509 10-999 |
| E-mail: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |